Zscaler has received an average analyst recommendation of “Moderate Buy” from 43 brokerages covering the stock. Among these, one analyst rates it as a sell, eight as holds, 33 as buys and one as a strong buy. The consensus 12-month price target stands at 322.66, reflecting analysts’ confidence in the company’s cloud security positioning and growth trajectory.

Several major firms updated their targets in late November: Robert W. Baird raised its target from 350 to 360 and maintained an Outperform rating; BTIG Research upheld its Buy stance with a 365 target; Citizens Jmp held firm on Market Outperform at 355; Berenberg Bank trimmed its target from 400 to 390 but kept a Buy rating; and Royal Bank of Canada lifted its objective from 350 to 366, reiterating an Outperform recommendation.

In its November quarter, Zscaler reported adjusted EPS of 0.96, beating consensus by 0.11, and delivered revenue of 788.1 million, up 25.5% year-over-year and ahead of the 773.9 million estimate. The company posted a negative net margin of 1.45% and a return on equity of negative 0.12%. Management set full-year FY26 EPS guidance of 3.78–3.82 and Q2 EPS guidance of 0.89–0.90, underscoring confidence in continued subscription revenue growth despite reinvestment in R&D and go-to-market expansion.

During the past quarter, insiders sold a total of 22,550 shares, including 3,438 by EVP Raj Judge (a 4.66% reduction) and 2,060 by SVP Adam Geller (a 3.80% reduction). Insiders now hold 17.20% of outstanding shares. On the institutional side, Bessemer Group, Cox Capital, Brookstone Capital and Wedbush Securities each modestly increased their stakes by 0.6%–3.7% in Q3, while Goldstream Capital added 0.3%, contributing to an overall institutional ownership level of 46.45%.